Loan for the Unemployed

As an unemployed person, getting a loan approved is often difficult. Even when providing collateral, the chances are poor with many banks. In most cases, credit institutions and banks refuse a loan for the unemployed, because from their point of view the repayment of the instalments cannot be unquestionably guaranteed. Banks assess creditworthiness based on income, Schufa evidence and other securities. If unemployment benefits are the only income or there is a negative Schufa entry, the chances are often slim.
Thus an unemployed borrower is often left with the question: Can I get a loan for the unemployed without a permanent employment contract?

Loan for the Unemployed - The Situation

As an unemployed person, getting a loan approved is often difficult. Even when providing collateral, the chances are poor with many banks. In most cases, credit institutions and banks refuse a loan for the unemployed, because from their point of view the repayment of the instalments cannot be unquestionably guaranteed. Banks assess creditworthiness based on income, Schufa evidence and other securities. If unemployment benefits are the only income or there is a negative Schufa notice, the chances are often slim.
Thus an unemployed borrower is often left with the question: Can I get a loan for the unemployed without a permanent employment contract?

If you have returned to work but need a loan without Schufa, find more information here.

MAXDA Loan for the Unemployed

Applying for a loan with the help of another private person is one possibility. Independent of banks or loan brokers, the only other alternatives are private loans or borrowings from friends or relatives.
Both have in common that you need an adequately solvent person in your personal circle. We at MAXDA help you with all questions about loans for the unemployed! We review your loan application individually and offer fair terms.

INFO: If you have returned to work but need a loan without Schufa, find more information here.

Despite Unemployment: How to Apply for the MAXDA Loan

If you do not have a permanent job or have an income of less than €1,150 net, MAXDA gives you the option to apply for a loan together with a co-applicant:

• Via our application form the request for a loan despite unemployment is quick and straightforward. Your guarantor should have a permanent employment contract and sufficient creditworthiness.
• If this is the case, the guarantor will be included by the credit institution as an additional borrower in the loan agreement. This means that the guarantor's personal situation is used to evaluate the loan, and usually nothing stands in the way of approval.
• From your co-applicant we therefore require, in addition to the signed loan application, a copy of the most recent payslip.

One should consider a few things when choosing a guarantor: As a rule, you should choose people from your close family or your closest circle of friends as co-applicants, since they usually place the necessary trust in you as a borrower to act as guarantor and help you obtain your MAXDA loan in case of unemployment.

\

Loan for the Unemployed: Fair Conditions

To receive a MAXDA loan, your regular income should ideally be at least €1,150 net per month, and you should be over 18 years old.
By providing a person willing to act as guarantor, MAXDA can — as described — still arrange a loan for you – the loan for the unemployed. As a fair provider, MAXDA stands by your side.
We review the loan in case of unemployment in every loan request on an individual basis; because although it is often advertised that a loan for the unemployed is “guaranteed”, a reputable loan broker should examine each loan application responsibly to avoid disadvantages for unemployed customers.

Unemployment Loan without a Bank?

Independent of banks and credit institutions, it is always possible to obtain a loan for the unemployed from a private lender. For this, however, one should also turn to friends and relatives from the closer circle, because the leap of trust required for the loan in case of unemployment is immense (often the loan sum is small — it's also referred to as a small loan).

Since such a loan for the unemployed between private persons can usually only work on the basis of trust, a corresponding loan contract should be drawn up to secure the arrangement. This should record both the names of the parties involved and the loan amount as well as the agreed repayment arrangements. Furthermore, the lender should additionally secure themselves:

Since such a loan for the unemployed between private persons can usually only work on the basis of trust, a corresponding loan contract should be drawn up to secure the arrangement. This should record both the names of the parties involved and the loan amount as well as the agreed repayment arrangements. Furthermore, the lender should additionally secure themselves:

The loan amount should either be transferred with a precise description, or at least witnesses should be present when the money is handed over and the receipt of the money should be acknowledged in writing. If you, as the borrower, propose these measures for the loan, you will primarily convince the potential lender of your honesty and significantly facilitate the granting of the loan for the unemployed.

What to Consider for a Private Loan for the Unemployed

An advantage of a private loan when unemployed is mainly that interest and repayment can be negotiated individually. With close friends or relatives it is often possible to obtain a loan completely without interest, making repayment easier.

We at MAXDA do not recommend a private loan when unemployed, because the saying “money ends friendships” is not without reason. If the instalments can no longer be paid due to unemployment, although the friend expected repayment, trouble is guaranteed.
Choose the MAXDA loan for the unemployed and MAXDA Darlehensvermittlungs GmbH as a reputable lending partner to fulfil your loan request.
We review every loan application individually and conscientiously. MAXDA can offer you a loan for the unemployed with fair conditions.

Becoming Unemployed: What Happens to the Loan?

If you want to get a loan as an unemployed person because unemployment benefits are not enough to cover the necessary expenses, the two options mentioned usually remain the only ways to obtain a loan or borrowing. Did you receive a loan as an employee, are currently repaying it and have now unexpectedly become unemployed?

Please inform your lender immediately. Your reputable lender will conscientiously take care of the loan despite unemployment and find a solution together with you.

Further MAXDA services: Loan without Schufa, Car without Schufa